Panasonic to begin work on Sri City plant in May


Japanese multinational corporation Panasonic plans to commence work on its greenfield plant in Sri City in Andhra Pradesh in May, where it expects to invest about ₹650 crore.

The company expects to complete the new plant, its eighth in the country, within 12 months and make it a facility to boost volumes within the country while making it a hub for exports in the region. The plant has the potential to provide employment to about 1,800 people.

The diversified company — which recently merged Panasonic Life Solutions, a business focussing on electrical construction materials, and Panasonic India, which is into appliances — is considering merger of Panasonic Appliances to form one big diversified entity for electrical construction, appliances and other businesses.

Vivek Sharma, Managing Director of Panasonic Life Solutions India, said: “The merged entity of Panasonic Life Solutions and Panasonic India is expected to close this financial year with revenues of about ₹10,000 crore. We expect to see a growth of about 15 per cent in 2020-21. We are also in the process of finalising plans for merger of the Panasonic Appliances business, based in Chennai, which has a revenue of about ₹1,000 crore.”

Interacting here after the launch of its first exclusive brand store in Hyderabad, Sharma told BusinessLine, “Panasonic plans to launch 130 such brand stores across the country for a pan-India presence, and of this, 100 stores would be set up in 2020-21. All of them would be developed through the franchise route.”

“The merger of all these entities is aimed at presenting Panasonic as a single brand offering a wide variety of products and solutions. We have more than 8,000 products under the Panasonic fold,” he said.

Reference: The Hindu Business Line